Santander ISA's launch on 8th March

Zekko

This may seem like a stupid question but I've just applied for the Direct ISA (2.5%) online. I already have another savings account with Santander, and the Direct ISA is now showing up on my online banking with a £0 balance.

I specified during the application process that I wanted to transfer £5760 from my savings account to this ISA.

Does anyone know if the transfer is done automatically via the application, or will I have to do it myself via online banking?

Obviously I don't want 2 lots of £5760 going in to this account in the same tax year.

badger09

Mickygg wrote: »

I've just been calling sntander and been on hold for 15 mins so gave up. Does anyone know if I open the 2 year fix can I transfer old ISAs to this account if before 31st may? I'm not sure if you can only deposit the 13/14 allowance or if I can pull 3 ISAs into 1 which mature in May.
Thanks

In addition to the 2013/14 allowance, which you can pay in on opening, you can ask Santander to transfer in any number of external ISAs by completing their transfer forms.

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237836201044&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA1

You need to complete a form for each of your old ISAs and you must get the transfer forms back to Santander within14 days of opening your account. You can specify on the forms that you want them transferred after the maturity date on 1st May.

Scarpacci

Anybody else have trouble sending this year's ISA money to Santander? I had a 1 year fix with them from March last year and it recently matured, so I phoned up and had it switched to the 2 yr fix earlier this week. The 2 year fix says it accepts deposits for the 13/14 year until May 31. I tried to send the money for this year but it bounced back to my current account. On my ISA page it says available contributions are £5,760 but it's not accepting it. It also doesn't work as an internal transfer from my Santander savings account either.

OnlyMe_08

I applied for the 2.50% ISA earlier, thinking that I won't get account information etc until next week.

Having checked my online banking, the Direct ISA Saver is now showing, but for reasons I'm not going to go into, I don't think I'll be able to fund this account till the end of next week (I hope!).

Will I still get 2.50% or the lower rate as been mentioned from Monday?

Also, I'll be funding from an external account - am I correct in declaring 'no new savings' on the application?

Great-Scott

I've already got have an ISA with Santander from last year and was planning on going for the 2.5% rate. Although I'm panicking having read about the possible change on Monday!

Can I register for the 2.5% online even though I have another Santander ISA from last year? Then next week go into a branch, explain I've set up an account online and then transfer last years ISA funds along with the £5700 into that? Is it legal as I'm sure I've read you can't have two ISA accounts so I'm a bit worried about it all! Apologises for being such a newbie!

savetilibleed

OnlyMe_08 wrote: »

I applied for the 2.50% ISA earlier, thinking that I won't get account information etc until next week.

Having checked my online banking, the Direct ISA Saver is now showing, but for reasons I'm not going to go into, I don't think I'll be able to fund this account till the end of next week (I hope!).

Will I still get 2.50% or the lower rate as been mentioned from Monday?

Also, I'll be funding from an external account - am I correct in declaring 'no new savings' on the application?

Yes 2.5% will still be available then. Not sure what you mean about Monday.

If you put 'no new savings' you are (presusmably) intending to transfer from an external ISA. If so you will need to get a transfer form from Santander (badger09 has provided a link in this thread to their transfer form), which you can complete on the PC then print and post off.

OnlyMe_08

savetilibleed wrote: »

Yes 2.5% will still be available then. Not sure what you mean about Monday.

There's talk of the rate dropping below 2.50% on Monday. Basically, do I have to fund the account before then, or have I secured that rate having applied before the new rate kicks in?

savetilibleed wrote: »

If you put 'no new savings' you are (presusmably) intending to transfer from an external ISA. If so you will need to get a transfer form from Santander (badger09 has provided a link in this thread to their transfer form), which you can complete on the PC then print and post off.

No, not transferring in from an external ISA, but funding from an external source. The only other options are:

- cheque in my own name
- transfer from Santander savings or current account

Which should it have been in my situation?

ses6jwg

Scarpacci wrote: »

Anybody else have trouble sending this year's ISA money to Santander? I had a 1 year fix with them from March last year and it recently matured, so I phoned up and had it switched to the 2 yr fix earlier this week. The 2 year fix says it accepts deposits for the 13/14 year until May 31. I tried to send the money for this year but it bounced back to my current account. On my ISA page it says available contributions are £5,760 but it's not accepting it. It also doesn't work as an internal transfer from my Santander savings account either.

if you did not fund a santander isa for 12/13 you may have an isa declaration block on your account which prevents contributions.

this is a hmrc requirement and you will need to visit branch to sign a form and have the block removed.

ses6jwg

Great-Scott wrote: »

I've already got have an ISA with Santander from last year and was planning on going for the 2.5% rate. Although I'm panicking having read about the possible change on Monday!

Can I register for the 2.5% online even though I have another Santander ISA from last year? Then next week go into a branch, explain I've set up an account online and then transfer last years ISA funds along with the £5700 into that? Is it legal as I'm sure I've read you can't have two ISA accounts so I'm a bit worried about it all! Apologises for being such a newbie!

Is your existing ISA maturing or fixed in? If it is matured/ bonus ending you need to ring up and have it upgraded to the 2.5% version before sunday night.

otherwise you need to open a new isa before sunday. it doesnt matter if it isnt funded straight away just needs to be open and activated.

if you wait until monday it will be too late it will be 2%

savetilibleed

OnlyMe_08 wrote: »

There's talk of the rate dropping below 2.50% on Monday. Basically, do I have to fund the account before then, or have I secured that rate having applied before the new rate kicks in?




No, not transferring in from an external ISA, but funding from an external source. The only other options are:

- cheque in my own name
- transfer from Santander savings or current account

Which should it have been in my situation?

You already have your ISA open don't you (?) so that rumoured drop to 2% will be for new applications from then.

As far as I can tell it doesn't matter that you selected 'no new savings'. Your account is open and ready to accept money, which can be by cheque or I expect by electronic transfer from an external account.

Alternatively, as you have not funded the Santander ISA, you could leave it be for now, and instead, open a Coventry Poppy Cash ISA which now pays 2.6%. That is within the rules as you are only allowed to fund one ISA in a tax year. Once you have funded that, you could contact Santander and close that one down, or just leave it dormant.